I’ve been following the world of cryptocurrencies for quite some time now, and I must admit, Bitcoin mining has always intrigued me. However, my personal experience with mining Bitcoin has shown me that it’s not as simple as it may seem from the outside.
The cryptocurrency landscape has gone through significant fluctuations in recent times. In 2021, Bitcoin underwent substantial growth spurts. However, the years 2022 and the initial three quarters of 2023 saw a downturn. Yet, the unexpected occurrences of 2024, specifically the Bitcoin halving event, propelled its price to a record-breaking peak. Presently, some investors are expressing pessimistic views as they contemplate Bitcoin’s future and whether mining it remains financially viable.
In this circumstance, a frequently pondered query among individuals unable to purchase Bitcoin at present is: How long does it take to mine one Bitcoin?
As a crypto investor, I’m thrilled to share that we’ll be shedding light on this query in the upcoming article, drawing insights from the perspectives of various Bitcoin miners.
Initially, it’s important to acknowledge that Bitcoin mining today is vastly different from how it was a decade ago, when individuals with standard computers could successfully mine Bitcoin. Unfortunately, current circumstances make it extremely challenging, if not impossible, for most people to mine Bitcoin due to various reasons.
To get a clear view of why things have changed, let’s start by analyzing the mining process.
TL;DR
Here is the short answer:
The process of extracting one Bitcoin typically takes approximately 10 minutes using optimal computing equipment. Nevertheless, the duration for mining a single Bitcoin can vary significantly depending on your specific hardware and software capabilities, with greater mining power yielding faster results. If you plan to mine Bitcoin with an average personal computer, however, your annual earnings would amount to a very small fraction, approximately 0.000000297 BTC.
Read further for a deeper understanding.
The Process of Mining a Block
In present times, rather than referring to the Bitcoin mining process as extracting individual Bitcoins, it would be more accurate to describe it as the validation and creation of new cryptocurrency blocks on the Bitcoin blockchain, which in turn result in newly minted Bitcoins. This is because new Bitcoins are generated exclusively when a fresh block is added to the chain and confirmed as legitimate.
As a researcher studying the intricacies of the Bitcoin network, I can explain that the process of mining new blocks involves solving intricate encrypted puzzles, commonly referred to as hashes. Once a miner successfully validates a new block, they are rewarded with freshly minted Bitcoins, which currently amount to 3.125 BTC since the Bitcoin halving event in April 2024. This reward was previously set at 6.25 BTC before the reduction.
What was Bitcoin Mining at the Beginning?
Starting with CPU mining
In the early days of Bitcoin in 2009, the initial miners relied on standard multi-core Central Processing Units (CPUs) since no other mining software existed yet to extract Bitcoins at a rate of 50 per block. Satoshi Nakamoto’s concept of “one CPU—one vote” was effective due to the exclusive use of CPUs for mining activities.
Using a handful of computers with sufficient processing power, an individual could potentially generate around five dollars every day. The mining complexity was relatively low back then, allowing hobbyists and Bitcoin enthusiasts easy entry into the field. Essentially, anyone harboring a fascination for cryptocurrencies and possessing extra computational resources could earn some pocket money by mining Bitcoin during their leisure time.
The first official Bitcoin miner was Bitcoin Core, which used CPUs for mining.
Introducing GPU mining
Over time, the initial GPU-based miner emerged, markedly enhancing mining capabilities. Subsequently, GPU mining gained greater preference over CPU mining due to its heightened efficiency.
It’s widely held that ArtForz was the pioneer in creating the initial GPU miner and successfully mined the first block using his powerful GPU setup on July 18, 2010. Subsequently, BitcoinTalk community member Puddinpop shared the first publicly accessible GPU mining software.
In the year 2012, the initial Application-Specific Integrated Circuit (ASIC) projects emerged, marking a significant shift in Bitcoin mining landscape. Consequently, ASIC miners became the dominant force, rendering Graphics Processing Unit (GPU) mining obsolete and inefficient.
Mining Speed
Determining the time required to mine one Bitcoin involves considerable effort due to various influencing factors. chief among them are computational power, competition, and hardware selection. However, the hashing difficulty algorithm is the constant element that ultimately decides the timeframe for mining a single Bitcoin. This algorithm is engineered to maintain a consistent block verification time of ten minutes.
In optimal circumstances, it takes approximately 10 minutes to extract Bitcoin (BTC). Nevertheless, the reality is that most mining situations and environments deviate significantly from these ideal conditions. For instance, while it was once feasible to mine Bitcoin individually using your personal computer, current technological advancements have altered this landscape.
In today’s mining process, the amount of electricity and specialized hardware needed is significantly greater than what most individuals possess. Consequently, this factor substantially influences your mining performance. If you choose to mine alone, expect your mining session to last over ten minutes.
The Role of Mining Hardware and Competition
Bitcoin Mining Pools
Mentioned before, running a solo Bitcoin mining business can be costly and laborious. The most effective Bitcoin mining strategy is to join mining pools instead. Mining pools that invest in the latest hardware have the greatest likelihood of mining a new block of Bitcoin within the optimal 10-minute timeframe.
A mining pool is a group of cryptocurrency miners who combine their computing power over a network to boost their chances of discovering new blocks and earning rewards. In the context of Bitcoin mining, you may come across fees charged by these pools.
About Mining Rigs
As a crypto investor, I’ve noticed that the release of new, more powerful Bitcoin mining rigs has greatly accelerated the mining process. This development poses a challenge for solo miners like myself, as we find it increasingly hard to keep up with the competition. There are several types of mining rigs in the market: CPU (Central Processing Unit), GPU (Graphics Processing Unit), FPGA (Field-Programmable Gate Array), and ASIC (Application-Specific Integrated Circuit). Each type offers varying degrees of performance, with ASIC being the most advanced and efficient option for mining Bitcoin. Thus, investing in a more sophisticated mining rig or joining a mining pool could be viable alternatives to solo mining.
A specialized computer, known as a mining rig, is utilized for the process of cryptocurrency mining, with Bitcoin mining being its most popular application on the extensive Bitcoin network.
CPUs are relatively simple to set up and adjust. However, for improved processing power, you’ll need multi-core CPUs or those compatible with multiple motherboards. Originally, CPUs were employed for Bitcoin mining; however, GPUs, FPGAs, and ASICs have since taken over this role. Initially, CPUs were sufficient for Bitcoin mining, but advancements in technology have rendered GPUs and FPGAs obsolete for this purpose.
At present, Bitcoin miners employ highly specialized ASIC machines for the mining process. These devices are meticulously designed to excel at mining Bitcoin through the application of its SHA-256 hashing algorithm. Consequently, attempting to mine Bitcoin using less efficient hardware would significantly hinder your ability to keep pace with mining pools that leverage ASIC technology.
How Much Does It Cost to Mine One Bitcoin?
When I revise this bitcoin article in mid-July 2024, the approximate cost to mine a solitary Bitcoin will be around $70,479 based on MacroMicro’s calculations. However, it’s important to note that this figure may fluctuate due to various factors, chief among them being the energy prices in the specific mining location.
How Much Power Is Needed to Mine 1 Bitcoin a Day?
Mining one Bitcoin per day is a significant computing task. Using a Bitcoin mining calculator as a reference, we can estimate that you’d require approximately 520000 Terahashes per second (TH/s) of processing power. This amount translates to around 2,626 Bitmain Antminer S19 Pro+ Hyd units (each with 198Th). Given these ASICs consume 5445 Watts, the total power requirement for the entire setup would be an impressive 14,297,370 Watts (14.30 Megawatts).
How Long Does It Take to Mine 1 Bitcoin Using a PC?
One approximation indicates that it would take approximately 2 million years to extract one Bitcoin using just a personal computer, assuming you could obtain a mining power of 500 Megahashes per second (MH/s) in a Bitcoin mining pool, without any alterations in the network conditions.
Why is that the case? Let me explain. The average time it takes for a new block to be added to the Bitcoin network is approximately 10 minutes. Meanwhile, the reward given to miners for adding a new block is set at 3.125 Bitcoins. Nevertheless, it’s important to keep in mind that large-scale mining operations are common in the Bitcoin world.
The mining speed is influenced by the specific Bitcoin mining hardware you choose to use. For instance, if you opt for a high-end gaming computer capable of delivering 500 MH/s under current computing demands, your potential annual BTC earnings would amount to approximately 0.00000297 in ideal circumstances.
In plain terms, it’s important to acknowledge that mining a single Bitcoin is an ongoing process rather than a one-time achievement due to the changing nature of block rewards and mining difficulty.
How Long Does It Take to Mine 1 Bitcoin Using a Smartphone?
It’s quite challenging to determine the hash rate of a smartphone like the iPhone 15 Pro Max because they aren’t engineered for mobile cryptocurrency mining. Roughly speaking, this model might achieve around 100 H/s. However, employing a Bitcoin mining calculator can help us approximate earning a minuscule amount of 0.0000000000001 BTC per year. With this in mind, it would take an astronomical 10 trillion years to mine just one Bitcoin under ideal circumstances using a smartphone. In essence, it’s safe to conclude that “it’s not going to happen.”
As an analyst, I would advise against attempting to mine Bitcoin solo on a smartphone due to the significant computational power needed for the process. Moreover, major mobile operating systems like iOS and Android have imposed restrictions on on-device mining. To be specific, Apple and Google have made it clear in their latest developer program policies that they do not allow apps that mine cryptocurrencies locally on devices. Instead, they only permit apps that can manage or control the remote mining of cryptocurrency.
Based on the policy statement, Google allows apps that facilitate the monitoring of mining processes from a distance. Therefore, it is important to understand: What were the reasons behind Google’s decision to prohibit crypto mining apps? Alternatively, why did Apple restrict the availability of crypto-mining apps in their App Store?
Without directly providing an explanation, Google does not disclose the reasons for prohibiting certain apps. However, Apple explicitly states that applications should not excessively drain battery life, generate excessive heat, or put undue strain on device resources. Therefore, it can be inferred that these are likely the same factors that led Google to remove such apps from their store as well.
Bitcoin Mining Apps
If you’ve been searching for mining apps on Google Play, you’ll come across several options. Among them is Mining Monitor, an app that doesn’t actually mine cryptocurrency itself but instead allows you to oversee the mining process from a distance.
If you choose to engage in mining activities, there are apps available for download on the internet. However, be aware that this comes with potential risks. You may unknowingly introduce malware into your smartphone during the download process. Even if you manage to avoid malware, overworking your phone through mining can lead to a rapid battery drain and device burnout.
How Many Bitcoins Are Left to Mine?
In July 2024, around mid-year, there are roughly 1,279,925 Bitcoins (BTC) left to be mined. This equates to approximately 19.7 million Bitcoins that have been mined and circulate in the market.
What Happens After All the Bitcoins Have Been Mined?
When the total issuance of 21 million Bitcoins is attained, no fresh Bitcoins will be generated any longer, even if the circulating supply dips slightly below this limit. Nonetheless, Bitcoin transactions will persist in being authenticated and compiled into blocks, and miners will remain rewarded predominantly through transaction fees.
The last Bitcoin is expected to be mined sometime near 2140.
The consequences for miners when Bitcoin reaches its maximum supply in 2140 hinge on the cryptocurrency’s development. If Bitcoin’s blockchain handles a significant volume of transactions around that time, miners could continue earning revenue through transaction fees. Conversely, if Bitcoin primarily functions as a store of value with minimal daily transactions, miners can still generate profits by charging premium fees for processing valuable or large groups of transactions.
Is Bitcoin Mining Profitable in 2024?
Yes, when it comes to Bitcoin mining profitability, it’s still feasible for miners if they invest in the necessary equipment and join a Bitcoin mining pool. However, it’s important to note that Bitcoin mining is not a simple process. Mining a single Bitcoin or even a complete block isn’t an achievable goal for an individual with minimal resources. While it’s theoretically possible to mine one Bitcoin per day, it requires an enormous hardware setup and significant electricity expenses.
How Long Does It Take to Mine 1 Bitcoin – Conclusion
Due to the intense competition and decreasing profits in Bitcoin mining, no miner can guarantee they will be the one to discover the next block, especially for those lacking the necessary computational power. Consequently, estimating the time required to mine a single Bitcoin is intricate. Factors such as the current mining difficulty, the hash rate of your hardware, and the competition from other miners complicate this calculation. Moreover, if you are using a standard PC or smartphone for mining while competitors use more powerful ASICs or specialized Bitcoin mining rigs, the timeframe becomes even more uncertain.
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2024-07-17 09:49